Selkirk Metals Corp.: Banks Island Gold Project-Update

Selkirk Metals Corp. (TSX VENTURE:SLK) ("Selkirk" or the "Company") is pleased
to provide this review of the Banks Island Gold Property which was acquired in
the summer of 2007 as a result of the acquisition of Doublestar Resources Ltd.
("Doublestar"). The 100% owned Banks Island Gold Property (the "Property") is
located 105 km south of Prince Rupert, BC on the west central side of Banks
Island at tidewater in an area of previous mining exploration which included
extensive diamond drilling and underground development. The Property covers
2990.4 ha and consists of five cell claims totalling 155 cells. The ground was
originally staked when mineralization was discovered in 1960 and was extensively
worked until the late 1980's by various exploration companies.


To date, 20 zones of gold mineralization have been defined within an area of
approximately 25 square kilometers. The mineralization is associated with large
regional structural features and related intrusive complexes and occurs in
quartz veins and stockworks with varying amounts of sulphides and in skarns
associated with the intrusive contacts. Four main zones, the Kim, Tel, Discovery
and Bob have been the focus of the majority of exploration. The other zones have
only had reconnaissance level exploration.


The following table contains a summary of unclassified resources for the main
four zones. Information has been derived from Minfile Nos. 103G 021, 024, 025
and 026. While the historic data is non-43-101 compliant, the Company feels that
the information is of significant benefit for the evaluation of this project.




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Zone Name             Tonnes  Grade (g/t)
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KIM                   77,896         7.1
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TEL                   71,349        14.4
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DISCOVERY            58,361        15.5
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BOB                   45,350        40.1
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Weighted average     252,956        17.0
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The Kim Deposit, amenable to open pit mining, consists of an east-west trending
quartz stockwork, 20 m wide, of which only 300 m of a 1,200 m length has been
explored by diamond drilling from which the resource tabulated above has been
calculated. There have been 5,273 m in 73 diamond drill holes completed into the
Kim Zone to a maximum depth of 180 m. The resource of the Kim Zone is calculated
from the drilling to a pit depth of only 25 m and a waste:ore ratio of 4.05:1.


The Tel Deposit consists of a quartz vein and quartz breccia zones hosted in an
east-west striking fault zone with lenses up to several metres in width with
strike lengths varying from 20 to 100 m in length. There has been 10,778 m of
diamond drilling in 92 holes completed to date.


The Discovery Zone consists of a steeply dipping gold bearing vein system,
varying in width from less than a metre to several metres in thickness, trending
southeast-northwest. There have been 3,680 m of diamond drilling completed in 39
drill holes into the Zone.


The Bob Zone consists of a quartz vein system hosted by a shear zone striking
east-west and dipping north at 80 degrees. Underground development includes a
decline for a length of 420 m to a vertical depth of 65 m. In addition, drilling
has intersected the mineralization to a depth of 140 m. There have been a total
of 35 drill holes totaling 2,541 m drilled into the Bob Zone.


Previous exploration companies have explored by prospecting, geological mapping,
soil and geophysical surveying, trenching, diamond drilling and underground
excavation. The mineralization of the four zones is similar with the sulphides
in order of abundance occurring as pyrite, pyrrhotite, chalcopyrite,
arsenopyrite, sphalerite, galena and molybdenite. The gold values increase
relative to the amount of sulphides, especially pyrite. In 1988 Bacon Donaldson
& Associates completed preliminary metallurgical studies on core and trench
samples from the Kim and Tel Zones with gold recoveries of 95% by cyanidization
and 85-90% by flotation.


Selkirk is planning a comprehensive surface exploration program including soil
geochemical sampling, geological mapping, prospecting, trenching and diamond
drilling. Most of the known gold zones have not been evaluated in any detail and
together with the large (25 square kilometer) target area outlined by the
mineralization represents an excellent target for new mineralized zones, from
high grade deposits suitable for underground development to larger tonnage lower
grade deposits that could be amenable to open pit development.


This news release has been reviewed and approved by the Company's Qualified
Person (as defined by NI 43-101), Jim Miller-Tait, P.Geo., Vice President of
Exploration. While the Company is completing a thorough review of its property
portfolio including Banks Island, in light of current market conditions and
commodity prices, the Ruddock Creek zinc-lead-silver and Catface copper porphyry
projects remain the Company's highest priority projects.


On Behalf of the Board of Directors:

Gordon Keevil, President

This release includes certain statements that may be deemed to be
"forward-looking statements" within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. All statements in this release, other than
statements of historical facts, that address future production, reserve
potential, exploration and development activities and events or developments
that the Company expects, are forward-looking statements. Although management
believes the expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of future
performance, and actual results or developments may differ materially from those
in the forward-looking statements. Factors that could cause actual results to
differ materially from those in forward-looking statements include market
prices, exploration and development successes, continued availability of capital
and financing, and general economic, market or business conditions. Please see
our public filings at www.sedar.com for further information.
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